Metta World Peace was officially waived Thursday by the Lakers via the NBA's one-time amnesty provision. World Peace, 33, was dropped in a purely cost-cutting move.

Metta World Peace was officially waived Thursday by the Lakers via the NBA's one-time amnesty provision. World Peace, 33, was dropped in a purely cost-cutting move by the Lakers, who stand to have about $23 million erased from their ledger with luxury-tax charges included, although they still have to pay World Peace his $7.7 million salary for the 2013-14 season.

Lakers forward Metta World Peace, who played a key role in the team's 2010 NBA Finals victory against the Celtics, was officially waived Thursday via the NBA's one-time amnesty provision.

Former USC standout Nick Young has signed a one-year contract to play for the Lakers next season. Not known for his defense, Young's 3-point shooting should help the team spread the floor on offense.

Some people still recognize the colors purple and gold. But one very memorable player won’t be wearing them anymore.

Metta World Peace was officially waived Thursday by the Lakers via the NBA’s one-time amnesty provision.

World Peace, 33, was dropped in a purely cost-cutting move by the Lakers, who stand to have about $23 million erased from their ledger with luxury-tax charges included, although they still have to pay World Peace his $7.7 million salary for the 2013-14 season.

Also Thursday, Nick Young joined fellow local product Jordan Farmar in agreeing to contract terms with the Lakers, both motivated by the idea of playing for the heralded hometown team even after Dwight Howard left and diminished the Lakers’ title hopes.

Young, 28, is a natural scorer in the Kobe Bryant mold and might well slot as the Lakers’ starting small forward next to Bryant (when he recovers from his Achilles’ rupture) after World Peace was officially waived. .

World Peace, who changed his name from Ron Artest two years ago, won an NBA title in his first Lakers season in 2009-10. Then, 61/2years after his role in the infamous Pacers-Pistons brawl, he won the 2010-11 J. Walter Kennedy Citizenship Award, the NBA’s longest-running citizenship and community-service award.

But for a net savings of roughly $15 million, the Lakers figured that even after World Peace had a bounce-back year, it should be done. Young isn’t a renowned defender and rarely passes, but he still gives the Lakers more speed and length – two areas Bryant has cited as team needs.

“Nick’s size, ability to create his own shot and athleticism make him a versatile player who will give our lineup multiple looks on the floor,” Lakers general manager Mitch Kupchak said. “He’s an exciting player, and we’re excited to have him on our roster.”

If Howard had re-signed instead of leaving for Houston, the Lakers’ intent was to keep World Peace and use the amnesty provision to waive Pau Gasol, which would’ve offered a savings of roughly $62 million and avoided potential duplication of Gasol and Howard in the post.

But Howard left, and World Peace’s ultimate downfall was the Lakers’ lack of success last season. The cold, hard fact is that the five much-hyped players pictured on the cover of the Lakers’ 2012-13 media guide – Howard, Gasol, World Peace, Bryant and Steve Nash – didn’t win a single game starting together. They were plagued by injuries and went 0-5.

“It’s tough to say goodbye to a player such as Metta, who has been a significant part of our team the past four seasons,” Kupchak said. “For anyone who’s had the opportunity to get to know him, it’s impossible not to love him. He has made many contributions to this organization, both in his community work as well as in our games; perhaps no more so than in his clutch play in Game 7 of the 2010 NBA Finals in helping to lead us over the Celtics in one of the greatest playoff wins in Lakers history.”

Young signed a one-year, $6 million deal with the Philadelphia 76ers a year ago but accepted the NBA minimum for a player of his experience – $1.2 million for the coming season – from the Lakers now. Farmar and the Lakers are working on a buyout of his contract with Turkish club Anadolu Efes Istanbul so Farmar can take a similar minimum deal instead of several million more overseas.

The Lakers’ primary offseason addition, center Chris Kaman, signed a one-year, $8 million deal with Dallas a year ago, but he is joining the Lakers for a one-year, $3.2 million deal. The Lakers entered the offseason with nothing but that taxpayer’s mid-level salary-cap exception Kaman got and minimum salaries to offer, but they are still building some depth that was lacking last season.

Young, who went to USC, and Farmar, who went to UCLA, are longtime friends. Outside shooting is key to Lakers coach Mike D’Antoni’s space-oriented plan, and Young averaged 10.6 points in 23.9 minutes last season for Philadelphia. He is a 37.4 percent career 3-point shooter – a higher success rate than any Lakers shot last season besides Nash’s 43.8 and Steve Blake’s 42.1.

Farmar won titles with the Lakers in 2009 and ’10, but it isn’t expected that the Lakers will re-sign any other former players despite much speculation about Lamar Odom. Guards Chris Douglas-Roberts and Josh Selby will try to impress in Las Vegas while representing the Lakers’ NBA Summer League team that will include center Robert Sacre and be coached by Lakers assistant Dan D’Antoni and player-development assistants Mark Madsen and Larry Lewis.

Second-round pick Ryan Kelly (broken right foot) is at least six weeks away from being cleared for running and jumping, meaning he won’t have much prep time for October training camp.

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